13D Filing: Broadfin Capital and Recro Pharma Inc. (REPH)

Each of Broadfin Capital, LLC, Broadfin Healthcare
Master Fund and Kevin Kotler has the sole power to dispose or direct the disposition of 0 shares of Common Stock and the shared
power to dispose or direct the disposition of 2,927,878 shares of Common Stock.

The transactions
effected in the Common Stock during the 60 days prior to the date of this filing are set forth in Exhibit B and each transaction
was an open-market transaction.

The aforementioned shares of Common Stock were
acquired for investment purposes. Broadfin Capital, LLC and Broadfin Healthcare Master Fund, Ltd. may acquire additional securities
of the Issuer, dispose of all or some of these securities from time to time, in each case in open market or private transactions,
block sales or purchases or otherwise, or may continue to hold the shares of Common Stock.

The Reporting Persons specifically disclaim
beneficial ownership in the shares of Common Stock reported herein except to the extent of their pecuniary interest therein.

An agreement relating to the filing of a joint statement as required
by Rule 13d-1(f) under the Securities Exchange Act of 1934 is filed herewith as Exhibit A.

A description of the transactions in the Common Stock that were
effected by the Reporting Persons during the 60 days prior to the date of this filing is filed herewith as Exhibit B.